His book, the Wealth of Nations, contains many ideas that form the basis of classical economics. He emphasized the minimization of taxes and the role of governments. Adam Smith proposed the idea ...

"Classical liberal" thought is more closely ... some on utilitarian consequentialist grounds (e.g. - many prominent economists), and some (myself included) on a combination of the two.

Prior to World War II, the U.S., the U.K., and other Western countries largely operated on the classical economics model, in which markets operated freely, and there was minimal government ...

The shift from the classical to the modern neoclassical approach to economics wasn’t simply a matter of style but reflected a new way of looking at the world. Smith depicted people as driven by all ...

But Sometimes They Do Not What studies in behavioral economics have repeatedly demonstrated is that sometimes people’s behaviors not only stray but stray systematically from classical economists ...